Business
Quest Resource Holding Reports First Quarter 2020 Financial Results
THE COLONY, Texas, May 14, 2020 (GLOBE NEWSWIRE) -- Quest Resource Holding Corporation (NASDAQ: QRHC) ("Quest"), a national leader in environmental waste and
About this update from Quest Resource Holding Corporation
[{"type":"text","content":"THE COLONY, Texas, May 14, 2020 (GLOBE NEWSWIRE) -- Quest Resource Holding Corporation (NASDAQ: QRHC) (\"Quest\"), a national leader in environmental waste and recycling services, today announced financial results for the first quarter ended March 31, 2020.\n First Quarter 2020 Highlights Revenue was $25.3 million, a 4.9% decrease compared with the first quarter of 2019.Gross profit was $4.5 million, unchanged compared with the first quarter of 2019.Gross margin increased 90 basis points to 17.9% of revenue, compared with 17.0% for the first quarter of 2019.Net loss per share was $(0.02), compared with $(0.01) during the first quarter of 2019. Adjusted EBITDA was $534,000, compared with $796,000 for the first quarter of 2019. “First quarter’s revenue comparison was impacted by low levels of production in a commodity waste stream at one of our largest industrial customers. This had negligible impact on gross profit. Late in the first quarter, we also began to feel the effects of COVID-19. Thankfully, we maintain strong ongoing relationships with our customers, the bulk of which are considered essential businesses who continue to operate,” said S. Ray Hatch, President and Chief Executive Officer. “I am proud of how our employees have worked to continue to deliver exceptional customer service and support, given the many challenges created by COVID-19. We moved nearly all our employees to a virtual environment, worked with customers and subcontractors to adapt to new handling frequency, and took immediate action to protect our balance sheet and liquidity. While it is impossible to predict how long the weakened demand will continue, we believe our asset-light business model, our strong balance sheet, and the essential nature of our services positions us well to weather this challenging environment.” Mr. Hatch added, “I would like to extend my best wishes to all that have been negatively impacted in the recent months due to COVID-19. I would also like to thank our employees, customers and subcontractors for their unhesitating and ongoing collaboration as we navigate these challenging times.” First Quarter 2020 Earnings Conference Call and Webcast Quest will conduct a conference call today, May 14, 2020, at 5:00 PM ET, to review the financial results for the first quarter ended March 31, 2020. Investors interested in participating on t...